11/12/2006
Galil Medical Announces $52 Million Financing
Financing will support expansion of Galil Medical sales and clinical programs and exit from Oncura joint venture
Yokneam, Israel and
Plymouth Meeting, PA, December 11, 2006
- Galil Medical, a market leader in cryotherapy
systems to treat cancer and non-cancerous
tumors, announced today the completion of
a $52 million financing led by Thomas, McNerney
& Partners and The Vertical Group, and
joined by Investor Growth Capital. The financing
and related transactions will permit Galil
Medical to exit its joint venture with Oncura,
and to expand its sales, marketing, and
clinical programs in both the United States
and Europe. Galil Medical is a pioneer in
cryotherapy
technology with annual revenues in excess
of $20 million.
James Thomas, Partner of Thomas, McNerney & Partners, comments, "As an established market and technology leader in the field of cryotherapy, Galil Medical represents an exciting investment opportunity for our investor group. This financing and related transactions truly set the stage for a new phase of growth for Galil Medical.”
Galil Medical has been a
leader in cryotherapy technology for the
minimally invasive ablation of cancerous
and non-cancerous tumors. The company’s
proprietary 17-gauge
cryoneedle family is the thinnest needle
available on the market, and its recently
launched Presice™
platform offers an unmatched array of features
including temperature monitoring and “ice
ball” control.
Galil Medical has a dedicated direct sales organization serving its urology, interventional radiology, and gynecology customers in the United States and major European markets. The company plans to expand these sales organizations during 2007. The recent financing also will allow Galil Medical to expand clinical programs to support existing prostate and renal cancer indications as well as new gynecology indications.
Chen Barir, Chairman and CEO adds, "This financing and related transactions are major milestones for Galil Medical. We are now well positioned both organizationally and financially, to expand our global sales and marketing activities as well as to invest in R&D and clinical programs required to support existing and new applications for our cryotherapy technology.”
James Thomas of Thomas, McNerney & Partners, Richard Emmitt of The Vertical Group, and Stephen Campe of Investor Growth Capital will join the Board of Directors of Galil Medical in connection with the financing.
About Cryotherapy
Cryotherapy
is the application of extreme cold to freeze
and destroy tumors and has proven to be
an effective and minimally invasive technology
that results in minimal pain, rapid recovery
and high quality of life for patients.
About Galil Medical
Galil Medical is a global medical device
company that develops, manufactures and
markets an innovative cryotherapy platform
incorporating powerful freezing technology
and revolutionary needle design as a minimally
invasive alternative to surgery for various
clinical applications. Galil Medical cryotherapy
products provide physicians with an
easy-to-use solution to precisely ablate
tissue while protecting adjacent structures,
ensuring rapid recovery and increased quality
of life for patients. Galil Medical, founded
in 1996, has offices in Yokneam, Israel;
Plymouth Meeting, Pennsylvania; and London,
United Kingdom. For more information, please
visit www.galilmedical.com.
About the Investors
The $52 million investment in Galil Medical was led by Thomas, McNerney & Partners and The Vertical Group, and joined by Investor Growth Capital. Thomas, McNerney Partners is a health care venture capital firm with approximately $600 million under management focused on investing in life science and medical technology companies at all stages of development. The firm has offices in Stamford, Minneapolis and San Francisco. The Vertical Group is one of the largest venture capital firms in the United States focused on medical devices and biotechnology. The firm and its partners have founded or led investments in many of the most successful medical device companies of the past two decades including: SciMed Life Systems, Kyphon Inc. (NASDAQ: KYPH), ev3 Inc. (NASDAQ: EVVV), Ventana Medical Systems (NASDAQ: VMSI), Xomed Surgical Products, and American Medical Systems (NASDAQ: AMMD). Investor Growth Capital ("IGC") ") invests in healthcare and information technology companies in the US, Northern Europe and Asia and is the wholly owned venture capital arm of Investor AB. IGC’s 25 investment professionals manage a portfolio whose value exceeds USD $800 million from offices located in New York, Menlo Park, Beijing, Hong Kong, Tokyo, Stockholm and Amsterdam. The founding investors of Galil Medical are Elron Electronic Industries Ltd. (TASE & NASDAQ: ELRN), Discount Investment Corporation Ltd. (DIC) (TASE: DISI), and RDC - Rafael Development Corporation Ltd., each of whom will remain significant shareholders post transaction.
Contact information:
Livnat Ben-Zur, Galil Medical Ltd., Israel.
Phone: +972.4.959.1080, ext 258
Email:livnat@Galil-Medical.co.il
Marie Molnar-Hammond, Galil Medical Inc., USA
Phone: 1.877.530.2796 ext 1704
Email: marie.molnar-hammond@galilmedical.com
Rosemary Cunningham Thomas, Galil Medical Ltd, UK
Phone: +44-1-293-459-848
Email: RCunninghamThomas@galilmedical.com
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